Automaker stocks rose to session highs late in Friday’s session after a report indicated President Trump is weighing “significant” tariff relief for U.S. assembly.
Volume jumped on General Motors (NYSE:GM), +1.7%; Ford Motor (NYSE:F), +3.4%; Toyota Motor (NYSE:TM), +2.1%; Stellantis (NYSE:STLA), +2.9%; and Honda Motor (NYSE:HMC), +2.8%. Shares in Tesla (NASDAQ:TSLA) remained 2% lower on the day.
Sen. Bernie Moreno told Reuters: “The signal to the car companies around the world is, look, you have final assembly in the U.S.; we’re going to reward you.”
“For Ford, for Toyota, for Honda, for Tesla, for GM, those are the, almost in order, the top five domestic content vehicle producers — they’ll be immune to tariffs,” he added.
The report noted that Trump is considering maintaining an import adjustment offset at 3.75% for five years as well as expanding that offset to U.S. engine production, according to auto industry officials.
That offset didn’t originally include engines, and was originally proposed to run through April 2026 ,to be followed by a second year at 2.5%